Cramer on CNBC: "President Obama is a good President for people who aren't well off."

[HughBeaumont]

On the ticker just now.

I think he would be if he would just lose this notion that "Trickle Down" works. We shall see come Bush II tax-cut expiration time.

[hedgehog]

1. You mean the bottom 90% of us?

[rfranklin]

2. Closer to 99%...

What many who make very nice money do not realize is that they may be relatively well off but those one percenters will be coming for them as well. In fact, if you see the distribution of income and wealth, they already have.

[unblock]

29. i keep saying that but it's a hard sell on du.

people think just because you have a shinier car that you're in a different league. everyone's so distracted by the bits and baubbles that are just out of their own reach that they can't see the difference between people who are chasing bits and baubbles and the people who are moving mountains.

rich is not being able to buy a shinier car. rich is being able to buy a car company. THOSE people are rich. the different car thing is just a trick they play on us, another way for them to divide and conquer, turn us against each other.

[RandomThoughts]

3. I think the reason the ending of 'Bush Tax Cuts' for the rich are so scary for some.

Is they are a representation of something else, and they worry that when they expire, they are toast.

In representative thought it is not even about the percentages, it is about a layer or type of a shield.

I would guess that is why they worry about it, even though they don't know that, although that is just a guess.




Or to make it more simple, "if it bleeds it can be killed". The Predator analogy that any loss gives hope to the other side, and from that hope comes the momentum shift many times.

Note the blood was green in predator, why they hang on to money also. although green is only money on that side of middle line.

That is why they do not give in on anything, and do not compromise also, any give, to them is a projection of further loss by what that loss creates in the minds of other people. Hope, and knowledge that things can get better. although it is not about money, that is part of why some don't budge.

Note: That is the meaning of getting them in their bunkers from post years ago.

Predator
http://www.youtube.com/watch?v=w-d8-t3W6Ac


Note you can see that clip many ways. From the order side of mirror mirror it says something different then anarchy side of mirror mirror.

[BeyondGeography]

4. There can be no sterner criticism than that on CNBC

(These people should fucking hear themselves talk.)

[HughBeaumont]

6. CNBC is Faux's Supply-Side Counterpart.

http://journals.democraticunderground.com/HughBeaumont/98

When it comes to the economy, this station is unabashedly Reaganite right-wing.

[BeyondGeography]

11. Every now and then, they'll surprise you

Mark Haines has been taking people to the cleaners lately anytime they say tax cuts pay for themselves/don't have to be paid for, both on-air and in print:

http://classic.cnbc.com/id/38810267

[HughBeaumont]

14. Howard Dean should continue to be a regular guest.

To balance out craptacular idiots like Dick Armey, Rick Santelli and Steve Forbes.

[Auriandra]

25. Cramer was very positive about Geitner, Bernanke... eom

[47of74]

5. Another graduate of the Barbara Bush school of idiocy

[guitar man]

7. Really?

I'm certainly not well off...and I'm still waiting....

[Radical Activist]

8. I didn't know that raising taxes on the wealthy, cutting them for the middle class,

extending unemployment benefits, regulating industry, and government spending on jobs programs was "trickle down" economics. You must have your own unique definition of the word.

[HughBeaumont]

13. Has any of that happened yet?

Especially the "raising taxes on the wealthy" or "regulating industry" parts? This should have been done at the beginning of 2009. These programs need to be paid for. These wars sure aren't paid for and they just keep going on and on.

Yes, it's definitely better than another idiot Republican who would just send the economy into permanent unequal abyss, but extreme conditions demand extreme and rather unpopular responses.

[Radical Activist]

18. Yes.

I know this because I pay close attention to what Obama actually does rather than a pundits exaggerated narrative about what he does.

The stimulus had plenty of direct jobs spending. That isn't trickle down.
The banking, mortgage, credit card and insurance industries have been re-regulated. Energy is next on the agenda if we can push the Senate.
Tax cuts for the middle class in the stimulus bill made the tax code more progressive. He proposed an increase in the capital gains tax. That's the textbook opposite of trickle down.
You're "we'll see" comments about ending Bush's tax cuts on the wealthy is odd considering how much Obama has campaigned to end them.

Maybe your position is that nothing Obama does short of nationalizing industry is "extreme" enough. That's fine, but calling his policies trickle down is completely divorced from reality.

And one more nail in the coffin...
http://money.cnn.com/2010/02/01/pf/taxes/obama_budget_tax_changes/index.htm

Limit itemized deductions: The president proposes to cap at 28% the rate at which high-income households can itemize their deductions. Currently the value of a deduction is equal to the deductible amount multipled by one's top income tax rate, which can range well above 28%. So deductions will be worth less to a high-income tax filer under the president's proposal.

[HughBeaumont]

21. Point out to ANYwhere in the OP where I said his policies were "Trickle Down".

NEVER at all said that.

[Radical Activist]

24. uhhh

You wrote: "I think he would be if he would just lose this notion that "Trickle Down" works."

It sure reads like you were writing about Obama. Is that not correct?

[HughBeaumont]

26. "Losing the notion that "Trickle down" works"

is not the same thing at all as saying "Obama's policies are rehashed Trickle Down". The point is, he's never come out and SAID "Look, you cannot build anything from the top down". The rich have been relatively untouched by the Obama adminstration so far. The notion that a measly 4% increase on the TMTR will destroy business and hiring is pure whining on their part, if you ask me. He needs to come out and say so.

[Radical Activist]

28. You're backtracking.

At least that's good. If you care about words more than action it's up to you but it sure read like you were accusing him of supporting trickle down policies. He doesn't.

Actually, he has explicitly rejected trickle down economics on many, many occasions. But you can't expect the corporate media to point it out for you. That's not in their interests. You would think left pundits would celebrate when Obama does, but that's another example of how left punditry is failing us by never recognizing the positive.

Here are two of many examples.

http://seattletimes.nwsource.com/html/opinion/2008336458_opin01dionne.html
"The decline in our GDP didn't happen by accident," Obama said. "It is a direct result of the Bush administration's trickle-down, Wall Street-first, Main Street-last policies that John McCain has embraced for the last eight years."

This is from the BP speech, which was criticized as not having any big ideas...even though it did. They were just ideas that GE and the corporate press wanted to ignore.
http://www.huffingtonpost.com/2010/06/15/obamas-gulf-spill-speech_n_613554.html

"One place we have already begun to take action is at the agency in charge of regulating drilling and issuing permits, known as the Minerals Management Service. Over the last decade, this agency has become emblematic of a failed philosophy that views all regulation with hostility - a philosophy that says corporations should be allowed to play by their own rules and police themselves. At this agency, industry insiders were put in charge of industry oversight. Oil companies showered regulators with gifts and favors, and were essentially allowed to conduct their own safety inspections and write their own regulations."

[laughingliberal]

19. Not really. The one part of it, the middle class tax cut, was a Repub demand that diverted 40% of

the stimulus. Not that cutting taxes on the middle class was a bad thing but it did not have the same stimulative effect that infrastructure spending and even social programs would have. For a package that was already whittled down to just over 1/2 what was needed, it was a bad idea.

[HiFructosePronSyrup]

9. Everybody's better off thanks to Obama.

There are just some people who can't admit that.

[av8rdave]

10. To which I reply, "It's about &%$#ing time!"

[JDPriestly]

12. Who in the world pays any attention to anything Cramer does or says?

He is the least newsworthy human being on the planet.

[HughBeaumont]

15. "KEEP YOUR MONEY IN BEAR STEARNS!!!! BEAR STEARNS ISN'T GOING ANYWHERE!"

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

[walldude]

16. I have two words for that asshole...

Jon Stewart :rofl: :rofl: :rofl:

[HughBeaumont]

22. Wish Jon Stewart would get some of CNBC's more assholish pundits on.

Cramer was downright subservient to the point where you almost felt bad for him. Almost.

I'd like to see JS ruffle their alpha Reaganites and capitalist princesses like Rick Santelli, Maria Bartiromo, Erin Burnett and Dennis Kneale.

[walldude]

27. They fear him now...

After Crossfire, they know Jon can take them down with nothing but wit, sarcasm and the truth.

[Brickbat]

17. HAAAAA! I misread this as "President Obama is a good president for people who aren't

laid off."

[TheWebHead]

20. there was a lot said beyond that sentence

video:
http://www.cnbc.com/id/15840232?video=1573781497&play=1

I'm sure there are many that vigorously disagree with much of what Cramer said, but the fact is that the people who are at the top of businesses making decisions on their use of capital, the people that matter when it comes to economic growth, largely agree with Cramer in that policy has been anti-business and adding to the existing uncertainty and pessimism. The idea that we have a 2.5% 10 year bond and stocks trading at 11x forward earnings to most in the market wouldn't make sense other than the idea that they are fearful of recently passed policy and what they fear is in the pipeline.

[HughBeaumont]

23. Siiiiiiigh. "Anti-business" = "taxing them and not giving them every single thing they ask for".

Don't know where this "anti-business" sentiment is coming into play. The TMTR is the same as the Bewsh years as of this writing, corporations have been doing gangbusters and recovering nicely from this recession (because after all, THEY'RE not the ones being fired or having their lives ruined), and CEOs and other execs are still giving themselves bonuses without fail when they should be in fucking prison.